FISCAL AGENT O F THE UNITED STATES DALLAS. TEXAS Treasury Department Circular No. 888, Third Revision,

Similar documents
FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States UNITED STATES SAVINGS BONDS SERIES E

CLAIM FOR LOST, STOLEN OR DESTROYED UNITED STATES SAVINGS BONDS

Secretary o f the Treasury Snyder issued the following statement which was released for publication

New Agent Welcome Booklet Treasury Retail Securities

OF NEW YORK REDEMPTION OF FIRST LIBERTY LOAN BONDS

if applicable if applicable if applicable

BLACKHAWK NETWORK HOLDINGS, INC. 1.50% CONVERTIBLE SENIOR NOTES DUE 2022 CUSIP

Claim for Lost, Stolen, or Destroyed United States Savings Bonds

FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States

LETTER OF TRANSMITTAL. To Surrender Common Units and Preferred Units (each, a Unit ) of MUZAK HOLDINGS LLC

CALERES, INC. LETTER OF TRANSMITTAL. To Tender in Respect of 7⅛% Senior Notes due 2019 (CUSIP No AE0) (ISIN US115736AE01)

LETTER OF TRANSMITTAL TO TENDER SHARES OF COMMON STOCK OF CIBL, INC. PURSUANT TO THE OFFER TO PURCHASE FOR CASH DATED NOVEMBER 14, 2012

LETTER OF TRANSMITTAL

The Depositary for the Offers is: Global Bondholder Services Corporation

INDENTURE OF TRUST. Dated as of May 1, between the REDEVELOPMENT AGENCY OF THE CITY OF LAKEPORT. and. UNION BANK OF CALIFORNIA, N.A.

CITY OF KODIAK RESOLUTION NUMBER 08-1

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC FORM 8-K

ARTICLE I DEFINITIONS

RESOLUTION NO

Amendment to Regulation J Revision of Operating Circular No. 4

Letter of Transmittal (Class B Shares)

FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States

CERTIFICATE OF INCORPORATION KKR & CO. INC. ARTICLE I NAME. The name of the Corporation is KKR & Co. Inc. (the Corporation ).

Business Account Application

LETTER OF TRANSMITTAL. BANCO MERCANTIL DO BRASIL S.A. (a corporation (sociedade por ações) incorporated under the laws of Brazil)

Regs under the Investment Advisers Act of Source: CFR. Date Generated: 4/26/2018

NC General Statutes - Chapter 142 1

GENERAL RE CORPORATION

FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States

Organization Account Application

SECONDARY PARTICIPATION GUARANTY AGREEMENT

WITNESSETH. WHEREAS, Fannie Mae desires to amend and restate the terms and provisions of the Initial Trust Agreement in its entirety.

LETTER OF TRANSMITTAL

SIXTH SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND

FISCAL AGENCY OPERATIONS OF THE FEDERAL RESERVE BANKS. The Federal Reserve Bank of St. Louis, in common with the other

SEVENTH SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND

CITY OF BETHEL, ALASKA

Trust Agreement. same meanings as provided under the Plan, unless the context clearly indicates otherwise, as determined by the Trustee.

LETTER OF TRANSMITTAL

SUBSCRIPTION AGREEMENT

FEDERAL RESERVE BANK OF DALLAS

RESOLUTION. by the BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM. authorizing the issuance, sale and delivery of PERMANENT UNIVERSITY FUND BONDS,

Form of Warrant. Warrant to Purchase Common Stock. MVP REIT II, Inc. WARRANT. Dated: [ ], 2016

HealthSouth Corporation (Exact name of registrant as specified in its charter) Delaware (State of incorporation or organization)

LETTER OF TRANSMITTAL WITH RESPECT TO THE COMMON SHARES OF RAPIER GOLD INC.

RULES OF THE DEPARTMENT OF COMMERCE AND INSURANCE DIVISION OF INSURANCE CHAPTER CREDIT FOR REINSURANCE TABLE OF CONTENTS

BARNWELL COUNTY, SOUTH CAROLINA ORDINANCE NO

LETTER OF TRANSMITTAL

ICE CLEAR US, INC. RULES

BOARD OF TRUSTEES CENTRAL WASHINGTON UNIVERSITY SYSTEM REVENUE BONDS SERIES 2016 BOND RESOLUTION RESOLUTION NO

D. F. King & Co., Inc.

AGREEMENT AND PLAN OF MERGER. among TWENTY-FIRST CENTURY FOX, INC. THE WALT DISNEY COMPANY TWC MERGER ENTERPRISES 2 CORP. and

2. YOU ARE ACCEPTING THE OFFER USING THE PROCEDURES FOR BOOK-ENTRY TRANSFER WITH DTC AND DO NOT HAVE AN AGENT S MESSAGE; OR

MATRIX TRUST COMPANY GRANTOR TRUST AGREEMENT. Matrix Trust Grantor Trust Agreement 10/20/16

LETTER OF TRANSMITTAL FOR COMMON SHARES OF DARWIN RESOURCES CORP. PURSUANT TO ITS PROPOSED PLAN OF ARRANGEMENT

LETTER OF TRANSMITTAL AND PAYMENT INSTRUCTIONS TO SURRENDER SHARES OF CAPITAL STOCK OF ONCURE MEDICAL CORP.

A RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA. July 10, 2018

GLOBAL AGENCY AGREEMENT STACR Debt Notes, Series 2015-DNA3

Board of Trustees Agenda August 20, 2012 Page 7

A Bill Regular Session, 2019 SENATE BILL 479

LETTER OF TRANSMITTAL FOR REGISTERED UNITHOLDERS OF INTER PIPELINE FUND

INSTRUCTIONS TO THE LETTER OF TRANSMITTAL IMPORTANT PLEASE READ THESE INSTRUCTIONS CAREFULLY BEFORE COMPLETING THE LETTER OF TRANSMITTAL

26 CFR Ch. I ( Edition)

NC General Statutes - Chapter 116D 1

MATTAMY GROUP CORPORATION

THE MEXICO EQUITY AND INCOME FUND, INC. (THE FUND )

Self-Insurer Applicant:

Holdings Certificate of Incorporation

(Translation) CONDITIONS OF BONDS

RESOLUTION NO

26 CFR Identifying numbers.

EXCERPT OF MINUTES OF A MEETING OF THE GOVERNING BODY OF UNIFIED SCHOOL DISTRICT NO. 261, SEDGWICK COUNTY, KANSAS (HAYSVILLE) HELD ON JANUARY 23, 2012

Treasury Savings Certificates New Issue

COMAPLEX MINERALS CORP.

FEDERAL RESERVE BANK OF NEW YORK. COLLECTION OF CASH ITEMS Revisions of Operating Circulars Nos. 4 and 5

Execution Copy MASSACHUSETTS BAY TRANSPORTATION AUTHORITY SALES TAX BOND TRUST AGREEMENT

BUSINESS REWARDS CREDIT CARD AGREEMENT (TO BE USED FOR CORPORATIONS, PARTNERSHIPS, LLCs, SERVICE ORGANIZATIONS OR OTHER BUSINESSES)

LETTER OF TRANSMITTAL to Tender Notes of. TRANSPORTADORA DE GAS DEL SUR S.A. (a sociedad anónima organized and existing under the laws of Argentina)

COMMODITY FUTURES TRADING COMMISSION. Commission Merchants and Derivatives Clearing Organizations; Correction

Important information regarding your TD Waterhouse Self-Directed Retirement Income Fund (RIF)

CERTIFICATE BANK OF IRELAND (UK) PLC. (incorporated in England and Wales with limited liability with registered number )

BHP BILLITON FINANCE (USA) LIMITED

THE GOLDMAN SACHS GROUP, INC.

P.L. 2004, CHAPTER 68, approved June 30, 2004 Assembly, No. 3108

HOSPITALITY INVESTORS TRUST, INC.

CONVERSION NOTICE (NOTICE TO STOCKHOLDERS TO CONVERT, AT THEIR OPTION, PREFERRED SHARES INTO COMMON SHARES)

BE IT RESOLVED by the Board of Directors of South Carolina Public Service Authority as follows:

Self-Directed Individual Retirement Trust Agreement

LETTER OF TRANSMITTAL to accompany certificates for Common Shares of URANIUM ONE INC. pursuant to its proposed Plan of Arrangement

Self-Insurance Package for a Corporation

THIRD SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND BANK NATIONAL ASSOCIATION AS SUCCESSOR TRUSTEE AND

AMENDED AND RESTATED OPERATING AGREEMENT OF SOUTH DAKOTA SOYBEAN PROCESSORS, LLC JUNE 20, 2017 IMPORTANT PLEASE NOTE THE FOLLOWING

THIS IS NOTIFICATION OF THE SHARE REPURCHASE OFFER DATED August 24, 2016

Agenda Item VII-A A RESOLUTION

NOTICE OF SPECIAL MEETING AND MANAGEMENT INFORMATION CIRCULAR MARRET RESOURCE CORP.

DESERT COMMUNITY COLLEGE DISTRICT RESOLUTION NO

Final Rule Relating to Time and Order of Issuance of Domestic Relations Orders

OFFER TO PURCHASE Novelis Inc. Offer to Purchase for Cash Any and All of its Outstanding 8.75% Senior Notes due 2020

LETTER OF TRANSMITTAL FOR REGISTERED SHAREHOLDERS OF BACANORA MINERALS LTD.

THE GDL FUND. Notice of Right to Put Shares Outstanding Series B Cumulative Puttable and Callable Preferred Shares (Cusip No.

Transcription:

F e d e r a l R e s e r v e b a n k o f D a l l a s FISCAL AGENT O F THE UNITED STATES DALLAS. TEXAS 7 5 2 2 2 Circular No. 68-270 December 20, 1968 To the Chief Executive Officer of the Paying Agent Addressed: Treasury Department Circular No. 888, Third Revision, dated December 2, 19&8, entitled "Regulations Governing Payment Under Special Endorsement of U. S. Savings Bonds and U. S. Savings Notes (Freedom Shares)" is enclosed. This circular has been retitled and amended as necessary to include U. S. Savings Notes (Freedom Shares). Additional copies may be obtained from this Bank upon request. Enclosure FEDERAL RESERVE BANK OF DALLAS Fiscal Agent of the United States This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

FEDERAL REGISTER VOLUME 33 NUMBER 239 Tuesday, December 10, 1968 Washington, D.C. PART II DEPARTMENT OF THE TREASURY Fiscal Service, Bureau of the Public Debt, U.S. Savings Bonds and U.S. Savings Notes (Freedom Shares) (Dept. Circ. 888, 3d Rev., and Memorandum of Instructions.)

18334 RULES AND REGULATIONS T itle 3 1 MONEY AND FINANCE: TREASURY Chapter II Fiscal Service, Department of the Treasury SUBCHAPTER B BUREAU OF THE PUBLIC DEBT PART 330 REGULATIONS GOVERN ING PAYMENT UNDER SPECIAL EN DORSEMENT OF U.S. SAVINGS BONDS AND U.S. SAVINGS NOTES (FREEDOM SHARES) The regulations set forth in Treasury Department Circular No. 888, Second Revision, dated April 7, 1964 (31 CFR, Part 330), have been further revised and amended as shown below. These changes were effected under authority of section 22 of the Second Liberty Bond Act, as amended (49 Stat. 21, as amended; 31 U.S.C. 757c). This revision was effected pursuant to 5 U.S.C. 301. Notice and public procedures thereon are unnecessary as public property and contracts are involved. Dated: December 2, 1968. J o h n K. C a r l o c k, Fiscal Assistant Secretary. Treasury Department Circular No. 888, Second Revision, dated April 7, 1964 (31 CFR, Part 330), entitled: Regulations Governing the Special Endorsement of United States Savings Bonds of Any Series and the Payment of Matured Series F, G, J, and K Bonds by Eligible Paying Agents, is hereby retitled and otherwise amended to include U.S. Savings Notes (Freedom Shares), and issued as a Third Revision, as follows: Sec. 330.0 Purpose of regulations. 330.1 Agents eligible to process bonds and notes. 330.2 Securities eligible for processing. 330.3 Guaranty given to the United States. 330.4 Evidence of owner s authorization to agent. 330.5 Endorsement of securities. 330.6 Securities in coownership form. 330.7 Payment or exchange. 330.8 Functions of Federal Reserve Banks. 330.9 Modification of other circulars. 330.10 Other circulars generally applicable. 330.11 Supplements, amendments or revisions. A u t h o r i t y : The provisions of this Part 330 Issued under secs. 330.0 to 330.11 issued un der authority of sec. 22 of the Second Liberty B o n d Act, as amended, 49 Stat. 21, as amended; 31 U.S.C. 757c. 330.0 Purpose o f regulations. These regulations in this Part prescribe a procedure whereby qualified paying agents may specially endorse U.S. Savings Bonds of certain classes, and U.S. Savings Notes (Freedom Shares), with or without the owners signatures to the requests for payment, and pay the bonds and notes so endorsed, or forward them to the Federal Reserve Bank or Branch servicing their accounts for payment or for any authorized exchange. 330.2 describes the eligibility of various classes of bonds for processing under the procedure provided in this circular, and 330.7 sets out which of these classes may be paid by such agents and which should be forwarded to a Federal Reserve Bank or Branch. Under no circumstances shall the provisions of this part be used to give effect to a transfer, hypothecation, or pledge of a bond or note, or to permit payment to any person other than the owner or coowner. Violation of these prohibitions will be cause for the withdrawal of an agent s privilege to process any bonds and notes under this part. 330.1 A gents eligible to process b onds an d notes. (a) New applications. Any institution qualified as a paying agent of U.S. Savings Bonds and U.S. Savings Notes under the provisions of Department Circular No. 750, as revised, may establish its eligibility to employ the procedure authorized by this circular upon application on Treasury Department Form PD 3902 to the Federal Reserve Bank of the District in which it is located. This form provides a certification that by duly executed resolution of its governing board or committee the institution has been authorized to apply for the privilege of processing and paying bonds and notes in accordance with the provisions and conditions of Department Circular No. 888, including all supplements, amendments, and revisions thereof, and any instructions issued in connection therewith. If the application is approved, the Federal Reserve Bank will so notify the institution on Treasury Department Form PD 3903. The Secretary of the Treasury reserves the right to withdraw from any institution at any time the authority granted thereto under the regulations in this part. (b) Agents previously qualified. Any financial institution qualified and acting under any previous revision of this part will not be required to qualify separately to process savings notes. If such institution affixes its special endorsement on a savings note, it shall be presumed that its governing board or committee had undertaken appropriate action to authorize extension to savings notes of the terms and conditions of its previous qualification to process savings bonds under this part. The granting of credit by the Federal Reserve Bank or Branch, acting as fiscal agent of the United States, for the redemption of any such savings notes pursuant to special endorsement shall constitute qualification of the agent. 3 30.2 Securities eligible fo r processing. The procedure provided in the regulations in this part may be employed in connection with the redemption or exchange (where authorized) of any savings bond, or the redemption of any savings note, upon the request of its registered owner or either coowner. The term owner is defined to include individuals, and where such registration is authorized, incorporated and unincorporated bodies, executors, administrators, and other fiduciaries named on a bond or note. This procedure does not apply, however, to cases where payment (or exchange in the case of bonds) is requested by a parent in behalf of a minor named on a security as owner. Also, it does not apply to requests made by surviving beneficiaries, or to any cases requiring a death certificate or other documentary evidence. 3 30.3 G u aran ty given to th e U n ited States. A paying agent, by the act of paying or presenting to the Federal Reserve Bank or Branch for payment a bond or note, or for exchange a bond, on which it has affixed the special endorsement, shall be deemed thereby to have (a) unconditionally guaranteed to the United States the validity of the transaction, including the identification of the owner and the disposition of the proceeds or the new bonds, as the case may be, in accordance with his instructions, (b) assumed complete and unconditional liability to the United States for any loss which may be incurred by the United States as a result of the transaction, and (c) unconditionally agreed to make prompt reimbursement for the amount of any such loss upon request of the Department of the Treasury. 3 3 0.4 E vidence o f ow ner s a u th o riz a tio n to agent. By the act of paying or presenting to the Federal Reserve Bank or Branch a security on which it has affixed the special endorsement described in 330.5, the paying agent represents to the United States that it has obtained adequate instructions from the owner with respect to payment of the bond or note, and disposition of its proceeds, or exchange of the bond, as the case may be. To support this representation, agents should maintain such records as may be necessary to establish the receipt of such instructions, as well as records establishing compliance therewith. 3 3 0.5 E n d o rsem en t o f securities. Each security processed under these regulations in this part shall bear the following endorsement: Request by owner and validity of transaction guaranteed in accordance with T.D. Circular No. 888, as revised. ( Name and location of agent) This endorsement must be placed on the back of the bond or note in the space provided for the owner to request payment. (See 330.6 for additional instructions covering securities inscribed in coownership form.) The endorsement stamp must be legibly impressed in black or other dark-colored ink. The Federal Reserve Bank of the District will furnish rubber stamps for impressing the above endorsement or, in lieu thereof, will approve designs for suitable stamps to be obtained by paying agents. Requests for endorsement stamps to be furnished or approved by the Federal Reserve Bank shall be made in writing by an officer of the institution. Stamps heretofore in use may continue to be utilized.

33 0.6 S ecurities in coow nership fo rm. In addition to the endorsement prescribed in 330.5, the paying agent shall, in the case of bonds and notes registered in coownership form, indicate which coowner requested payment or exchange. This should be done by encircling in black or other dark-colored ink the name of such coowner (or both coowners, if a joint request for payment or exchange is made) as it appears in the inscription on the face of the securities. 33 0.7 P a y m en t o r exchange. other respects, to the provisions and conditions of Department Circular No. 750, (a) By paying agents (1) Payment of Series A -E bonds, inclusive, and savings notes for cash. Bonds of Series A to pursuant thereto. as revised, and the instructions issued E, inclusive, and savings notes, on which (b) By Federal Reserve Banks (1) it has affixed the special endorsement General. All securities forwarded by an may be paid by a qualified paying agent agent to a Federal Reserve Bank or pursuant to the authority and subject, Branch for payment or exchange under in all other respects, to the provisions this part must be accompanied by appropriate instructions governing the trans and conditions of Department Circular No. 750, as revised, and the instructions action and the disposition of the redemption checks or the new bonds, as the case issued pursuant thereto. Bonds and notes so paid will be combined with other Series may be. The bonds and notes must be A to E bonds and notes paid under that kept separate from any others the agent circular and forwarded to the Federal has paid, and they must be presented in Reserve Bank or Branch servicing the accordance with such instructions as may agent s account. be issued by the Federal Reserve Bank of (2) Payment of matured Series F, G, J, the District. and K bonds. Matured savings bonds of Series F, G, J, and K on which it has affixed the special endorsement may be paid by a qualified paying agent, provided they are of a class eligible for this procedure under 330.2. Such payments, fees for which will not be paid to the agents, shall be made in accordance with the following provisions: (i) A Series F or J bond shall be paid at its face value. (ii) A Series G or K bond shall be paid at its face value, together with the final interest due thereon, as shown below: Authorized denominations Amount payable (face value plus final interest) Series G $100 (Series G only)....... $101.25. $500 506.25 $1,000 1,012. 50 $5,000... 5,062. 50 $10,000... 10,125. 00 $100,000 (Series K only) Series K $506.90 1,013.80 5,069. 00 10,138. 00 101,380. 00 (iii) Each bond shall bear on its face, in the upper right portion, a payment stamp setting forth the word PAID and the amount of the payment (including the final interest on Series G and K bonds), the date of payment (month, day, year), and the name and location of the paying agent including the ABA transit number or other identifying code approved or assigned by the Federal Reserve Bank of the District (the payment stamp prescribed for use under Department Circular No. 750, as revised, may be used). (iv) Paying agents shall be subject to such other instructions governing these payments as may be issued by the Federal Reserve Bank of the District. Immediate settlement, subject to adjustment, will be made with the paying agent by the Federal Reserve Bank or Branch servicing its account for the total1amount RULES AND REGULATIONS 18335 of the paid bonds submitted at any one time. (3) Payment of Series E and J bonds on redemption-exchange for Series H bonds. All outstanding Series E bonds, and Series J bonds received not later than 6 months from the month of maturity, presented to a paying agent for redemption-exchange under the provisions of Department Circular No. 1036, as amended, on which it has affixed the special endorsement, may be paid pursuant to the authority and subject, in all (2) Payment. The Federal Reserve Bank or Branch servicing an agent s account shall pay securities which it receives from such agent on which the latter has affixed its special endorsement under the provisions and conditions of this part. Such securities are (i) those not payable under paragraph (a) of this section, or (ii) those the agent does not elect to pay, although eligible for payment thereunder. (3) Exchange. The Federal Reserve Bank or Branch shall pay Series E and J bonds presented for redemption-exchange which an agent elects to process, but not to pay, under paragraph (a) (3) of this section, as well as any savings bonds submitted for exchange, in whole or in part, pursuant to an authorized exchange offering and processed by special endorsement under this part. 33 0.8 F u n ctio n s o f F e d e ral R eserve B anks. The Federal Reserve Banks, as fiscal agents of the United States, are authorized and directed to perform such duties, and prepare and issue such instructions, as may be necessary for the fulfillment of the purpose and requirements of this part. The Federal Reserve Banks may utilize any or all of their branches in the performance of these duties. 33 0.9 M odification o f o th e r circulars. The provisions of these regulations in this part shall be considered as amendatory of, and supplementary to, Department Circulars Nos. 530, 653, 654, 750, 751, 885, 905, and 906, and any revisions thereof, and those circulars are hereby modified where necessary to accord with the provisions hereof. 3 3 0.1 0 O th e r circu lars g enerally a p p licable. Except as provided in these regulations in this part, the circulars referred to in the preceding section will continue to be generally applicable. 330.11 Supplements, amendments or revisions. The Secretary of the Treasury may at any time, or from time to time, supplement, amend or revise the terms of these regulations in this part. M e m o r a n d u m o f in S T R U C T id N S I s s u e d i n C o n j u n c t i o n W i t h D e p a r t m e n t C ir c u l a r No. 8 8 8, T h i r d R e v i s i o n f i s c a l s e r v i c e, b u r e a u o f t h e p u b l i c d e b t The Department of the Treasury,. Office of the Secretary, Washington, D.C. D e c e m b e r 2,1968. 1. General. (a) Purpose. This m e m o r a n d u m has been prepared for the guidance of paying agents qualified under Department Circular No. 888, Third Revision, the regulations governing the payment by special endorsement of U.S. Savings Bonds and U.S. Savings Notes (Freedom Shares). It both explains and supplements the circular, and acquaints paying agents with the objectives of the special endorsement procedure. (b) Liability assumed by agents using special endorsement. A n eligible agent which pays or processes securities by special endorsement, undertakes thereby, under section 330.3 of Department Circular No. 888, Third Revision, to guarantee the owner s request and the validity of the transaction. (c) Options available to agents. Each paying agent authorized under Department Circular No. 750, as revised, to redeem savings bonds and notes has the option of deciding whether or not to apply for qualification to use the special endorsement procedure, and, even after being qualified, whether or not to exercise its authority in any given case. 2. Scope of regulations. Department Circular No. 888, Third Revision, prescribes a special endorsement which a qualified paying agent m a y place upon any series of savings bonds and upon notes, except as otherwise provided in paragraph 4 hereof, so that regardless of whether or not the request for payment is signed by the owner, the paying agent m a y pay t h e m or present th e m to a Federal Reserve B a n k for payment or exchange. 3. Meaning of terms. For the purpose of this m e m o r a n d u m (unless otherwise indicated either specifically or by context) the 'terms: (i) Bond(s) and note(s) m e a n U.S. Savings Bo n d of any series, and U.S. Savings Note (Freedom Share), respectively, referred to collectively as "securities,which an eligible agent is permitted to specially endorse. (ii) Eligible agent(s) or agent(s) m eans any paying agent of savings bonds which, upon application, has been duly qualified by the Federal Reserve Bank of its district to process savings bonds and notes by special endorsement under the provisions of Department Circular No.' 888, as revised. (iii) Special endorsement means the endorsement prescribed in 330.5 of Departm e n t Circular No. 888, Third Revision. (iv) Specially endorse means the affixing by an eligible agent of the special endorsement to bonds which are to be paid or exchanged, or to notes which are to be paid. (v) Exchange refers to the Series H bond exchange offering. (vi) Federal Reserve B a n k refers to the Federal Reserve B a n k or Branch servicing the agent s account. 4. Limitations or qualifications on use of special endorsements. A n eligible agent may, at its discretion, specially endorse a bond which the owner has requested the agent to

18336 RULES AND REGULATIONS pay or exchange or a note for which payment Is requested, subject to the following limitations or qualifications: (i) A security m a y not be specially endorsed if documentary evidence is required in support of its request for payment. (Subparts of the transaction, etc. Such stamps must not be obtained prior to notification of qualification. (b) Placement of stamp. Each endorsem e n t impression must be legibly m a d e with black or other dark-colored ink, and placed case of matured Series G and K bonds),date of payment, and the name, location and assigned code of the paying agent must be recorded on each specially endorsed bond. This requirement is designed to: (i) Facilitate accounting and settlement for paid bonds, O and P of Department Circular No. on the back of the security in the general (ii) provide permanent supporting evidence 530, current revision, provide information as to whether documentary evidence is required to support the request for payment of bonds registered in the n a m e of a fiduciary, area provided for signing the request for payment. (See paragraph 5(b) of this m e m oran d u m for additional notations which an agent m a y make on the back of a security.) of the payment, and (iii) prevent a second presentation for payment of bonds which had become lost or stolen. The payment stamp prescribed for use in connection with Series private organization (corporation, association, 7. Designation of coowner requesting A- E bonds m a y be used for this purpose, the partnership, etc.), or a governmental agency, unit or officer.) (ii) Documentary evidence is not required where the owner s n a m e has been changed by reason of marriage. (iii) N o bond or note m a y be specially endorsed upon a parent s request in behalf of a minor child n a m e d on the security as the owner. transaction. Whenever a specially endorsed security registered in coownership form has not been signed by the coowner requesting its payment or exchange, his n a m e (or the names of both coowners, if a joint request is made) in the inscription on the face of the security must be circled in black or other dark-colored ink. This practice must be followed whether the agent pays the security impression thereof to be placed upon the face of the bond in the upper right portion thereof. Black or other dark-colored ink must be used in making stamp impressions and recording the amounts of payment. The i m pression and notations mus t be legible and free from smears and blurs. Care mus t be taken to prevent defacing the bond serial number, the n a m e and address of the owner, (iv) A 'bond inscribed in the n a m e of a or forwards it to the Federal Reserve B a n k co-owners, or beneficiary, the issue date, and bank (in its fiduciary capacity, e.g., trustee, for payment or for exchange. the issuing agent s validating stamp. guardian, etc.) which has changed its name, 8. Payment of Series A -E bonds and notes (f) Forwarding paid bonds to Federal Reserve Bank. Series F and G and matured J status or designation by merger, consolidation or otherwise m a y be paid upon verifica by paying agents. An y bonds of Series A, B, C, D, and E and notes which are specially and K bonds paid by special endorsement tion that approved evidence is on file with endorsed m a y be paid by an agent if the under Circular No. 888, Third Revision, must the Treasury, and upon advice that such securities are otherwise payable under the be grouped into batches for transmittal to bond is eligible for payment by special endorsement. Such verification and advice will authority and provisions of Department Circular No. 750, Second Revision, and the in the agent s account. Each batch mus t con the Federal Reserve B a n k or Branch servicing be furnished up o n request by the Federal structions issued in conjunction therewith. tain only bonds of the same letter series paid Reserve Bank of the district. However, because of problems relating to tax in the same calendar m o n t h and year and withholding, securities held or received by have not more than 200 bonds or $900,000 (v) Notwithstanding the provisions of Department Circular No. 888, Third Revision, a the agent for account of a nonresident alien (redemption value) in amount. A F o r m P D individual, or a nonresident foreign corporation, association or partnership, m a y not transmittal document for each batch. The 2639 must be prepared as the control and bond which requires documentary evidence to support payment m a y be specially endorsed and presented for exchange without be paid by the agent, but mu s t be forwarded agent must complete the form to show: (i) to the Federal Reserve B a n k for payment. T he type of bonds ( Paper ); (ii) the letter such evidence if the bond is to be exchanged Each specially endorsed Series A -E bond or series; (iii) the date of transmittal; (lv) the in the full a m o u n t for another security with savings note paid by an agent must have a m o n t h and year the bonds were-paid; (v) the the identical registration. payment stamp impressed on the face of the n u m b e r of bonds in the batch; (vi) the 5. Instructions from owners. (a) Receipt. T h e Department of the Treasury does amount paid. The paid securities m a y be for transaction ( Matured F, G, J, or K ).Ship security and show therein the date and -amount paid on the bonds; and (vii) the not prescribe the form or type of instruction, warded to the Federal Reserve B a n k with ments m a y be made each day or less frequently, provided that all paid bonds on if any, which an agent obtains from each other paid bonds of Series A - E and notes, owner in order to process securities belonging as prescribed in Department Circular No. 750, hand o n the last business day of a m o n t h to h i m by special endorsement. As the agent s Second Revision, and the instructions issued m u s t be forwarded to the Federal Reserve liability to the United States for any loss in conjunction therewith. B a n k not later than the following business resulting from an erroneous payment would 9. Payment of Series F and G and matured day. Specially endorsed bonds sent to a Federal Reserve B a n k for payment or exchange be strictly based on its endorsement, the J and K bonds by paying agents. (a) General. A n y bonds of Series F or G, which are must not be intermingled in any batch con securing of adequate instructions would be a matter entirely between the agent and its all matured, and any matured bonds of Series taining bonds paid by an agent. customer. For its protection, agents are J or K, m a y be paid by special endorsement (g) Manner of shipment. Paid bonds of cautioned about accepting any authorization by a qualified agent under the authority and Series F, G, J, and K, as herein described, by an owner or coowner with respect to a provisions of Department Circular No. 888- m a y be sent to the Federal Reserve B a n k in security in beneficiary or coownership form Third Revision, and these instructions. the same manner in which the agent transmits paid Series A - E bonds. T h e provisions which provides for future execution, rather (b) Lim itation on payment authority. (1) than for immediate payment or exchange, as Alteration, irregularity, mutilation, or other of the Government Losses in Shipment Act, such authorization generally expires upon defect: A n agent m a y not pay any security as amended, and related regulations, will be the death of the person giving it. bearing a material alteration, irregularity, applicable to these shipments. (b) Retention of evidence. Where agents mutilation, or other defect. There m a y be (h) Claims for loss, theft, destruction, or elect to m a k e notations on the back of a instances, however, in which an agent will m utilation of paid bonds. T h e eligible agent security to serve as the record of a transaction in which the special endorsement have minor errors or defects, assuming full Bank of any loss, theft, destruction, or m u be willing to endorse and pay bonds which should promptly notify the Federal Reserve procedure is used the Department will responsibility therefor, because of the reliability and integrity of the customer, and it has paid. T o obtain relief for any such tilation of bonds of Series F, G, J, or K which undertake to produce, upon request, such security, or a photocopy thereof, but it will his explanation of the situation. bonds prior to receipt by the Federal R e not assume responsibility for the adequacy (2) Bonds o wned by nonresident aliens: serve Bank, the agent mu s t (i) furnish by of any such notations, the legibility of any A n eligible agent m a y not pay bonds described in this paragraph which are k n o w n prefix and suffix letters), issue date, a m o u n t letter series, the serial n u m b e r (including photocopy, or for failure to produce the security or photocopy in any particular to be owned by a nonresident alien individual or a nonresident foreign corporation, as each bond; (ii) certify that the' prescribed paid and, if available, the registration of case where the Department s records have become lost, stolen, or destroyed. sociation, or partnership. Such bonds must endorsement and payment stamps were duly 6. Special endorsement of securities. (a) be forwarded to the Federal Reserve B a n k impressed; and (iii) provide satisfactory evidence Special endorsement stamp. Th e Federal for payment. of the loss, theft, destruction, or muti Reserve B a n k will supply, on the agent s (c) Am ount payable Series F and J. The lation. The Treasury does not prescribe the requisition, a limited number of special endorsement stamps described in Department Series F or Series J is its denominational or requests for relief should be maintained. a m o u n t payable on any matured bond of form in which records necessary to support Circular No. 888, Third Revision. Eligible face value. Agents are authorized to microfilm paid agents m a y obtain their o w n endorsement (d) Amount Payable Series G and K. A n y bonds and such film records m a y be projected upon a screen, but no prints, enlarge stamps at their expense, provided that (i) the size of the stamp does not exceed a matured Series G or Series K bond is payable ments or other reproductions m a y be m a d e space bounded by 1 % inches in the vertical dimension and 3 inches horizontally, and at its face value, plus the a m o u n t of the final 6 months interest due for each denomination. except by official permission, which m a y be obtained from the Federal Reserve Bank. To The total amount payable for each de support each claim, affidavits by employees (ii) the wording of the stamp is exactly as prescribed, plus any code n u m b e r assigned nomination is set forth in 330.7(a) (2) (ii) and statements by officers of the agent as to to the agent by the Federal Reserve Bank. the circumstances of the preparation and Stamps obtained by an agent m a y include of the circular. dispatch of bonds, and any k n o w n facts as space for the initials or signature of the (e) Recording payment data on bonds. Th e to the loss, theft, destruction, or mutilatlqn employee approving the transaction, the date amount paid (including final interest in the must ordinarily be furnished. -

RULES AND REGULATIONS 18337 (1) Settlement for paid bonds. Immediate settlement by credit will be allowed by the Federal Reserve B a n k for the total a m o u n t of paid bonds received from a paying agent, subject to adjustment following audit and examination by the Bureau of the Public Debt. The credit will be m a d e in the agent s reserve account if it is m e m b e r of the Federal Reserve System. If the agent is not a member, credit m a y be made in the clearing account of the agent, in the reserve or clearing account of a correspondent of the agent, or, if such an account is not available for credit, by check drawn by the Federal Reserve B a n k on the Treasurer of the United States. (j) Adjustments for paid bonds. Discrepancies discovered by the Bureau of the Public Debt in the examination and audit of paid bonds will be referred to.the Federal Reserve Bank for adjustment, which will be made by (i) charging the reserve or clearing account which an agent has designated for crediting amounts due' for paid bonds or (ii) in those cases where settlement was m a d e by check, either by reducing the a m o u n t of the check to be issued in connection with a subsequent transmittal or by requiring the agent to reimburse the Federal Reserve B a n k for the am o u n t of the adjustment. T he Department of the Treasury will communicate with the agent in the event of an improper payment. 10. Payment of eligible Series E, F, and J bonds by paying agent in exchange for Series H bonds. A n y bonds of Series E or J which are eligible for redemption by a paying; agent in exchange for Series H bonds, and are specially endorsed as prescribed in Departm e n t Circular No. 888, Third Revision, m a y be paid by an agent. The authority of the paying agents to effect redemption-exchanges, as well as complete instructions regarding the conduct of the transactions and the processing of the bonds received for exchange, are contained in Department Circular No. 750, Second Revision, and in the instructions issued in conjunction therewith. 11. Payment or exchange of bonds of all series and notes by Federal Reserve Banks. (a) General. All specially endorsed bonds or notes which an agent does not have authority to pay for cash or to exchange for Series H bonds must be forwarded to the Federal Reserve Bank. (b) Payment of bonds or notes. All bonds and notes specially endorsed by an eligible agent which are to be submitted to the Federal Reserve Bank for payment must be forwarded with appropriate instructions regarding disposition of the check to be issued in payment of the securities. Such securities must be kept separate from paid bonds and notes which the agent submits for settlement by credit. Payment will be m a d e by check drawn o n the Treasurer of the United States. 12. Inquiries. All inquiries concerning D e partment Circular No. 888, Third Revision, or this m e m o r a n d u m, m a y be directed to the Federal Reserve B a n k of the district in which the agent is located. [F.R. Doc. 68-14657; Filed, Dec. 9, 1968; 8:45 a.m.]